GM Gets $288 Million Australian Assistance Package

The Australian government has announced a 275 million Australian dollar ($288 million) assistance package for General Motors Co. to guarantee it continues to manufacture cars in Australia for another decade through its subsidiary Holden Ltd.

As part of the deal, U.S.-based GM said in a statement Thursday it has agreed to invest more than $1 billion in car manufacturing at its Melbourne and Adelaide plants until at least 2022.

Holden will use the government assistance to design and build two all-new cars for the global market after 2015, the statement said.